What is the SEC’s relationship to the Public Company Accounting Oversight Board?

Q: How does the SEC generate revenues?

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Q: What is the role of the Public Company Accounting Oversight Board?

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Q: What responsibility would internal auditing go under? managerial accounting, tax accounting or…

A: There are different branch of accounting that help in the recording of transactions and analysis of…

Q: What is the purpose of the Code of Professional Conduct for the accounting profession?

A: A code of ethics must have traditionally been the conventional mechanism whereby a profession…

Q: Explain breifely about the theories of accounting regulation – public interest theory, capture…

A: The four theories of accounting regulation are: Public interest theory, Capture theory, Economic…

Q: Companies are required to follow the laws and regulations including company law, tax law and…

A: Internal control procedures are those procedures which are adopted to ensure fulfilment of…

Q: What are some examples of assurance services performed on nonfinancial information?What are some of…

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Q: What is the “special function” that auditors perform? Whom does the public accounting profession…

A: Auditing:   It is an independent examination of the financial information of an organization to test…

Q: Under the Public Financial Management Act, Audit Committees are required to play important roles in…

A: Audit Committees are required to play important roles in corporate governance and Accountability…

Q: what does the success of the board of directors in fulfilling its oversight responsibilities depend…

A: Answer: The board of directors of any company are formed so that to check the operations of the…

Q: Describe the audit documentation review process in a public accounting firm.

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Q: What provisions of the AICPA Council Resolution on form of organization place control of…

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Q: Describe the provisions of the Sarbanes–Oxley Act as they relate to the creation and…

A: The Sarbanes-Oxley Act is a federal law established to uphold and ensure strict auditing and…

Q: hat is the difference between internal corporate governance to external corporate governance in…

A: Internal corporate governance: Internal corporate governance controls monitor activities and then…

Q: What is the meaning of Chief accountant of the SEC?

A: Securities Exchange Commission (SEC): This is the government agency that governs the working of…

Q: Which of the following agencies issues independence rules for the auditors of public companies?a.…

A: Auditor: The person who is considered responsible for assessing the credibility of the financial…

Q: How does the Sarbanes–Oxley Act contribute to accurate and quality financial reporting by public…

A: Sarbanes Oxley Act:   Sarbanes Oxley Act is a federal law established auditing and financial…

Q: Can you think of any reasons why the SEC relies on private sector bodies to set accounting…

A: Securities and Exchange Commission (SEC): SEC was created under the Securities Act of 1933 and…

Q: Who must register with the Public Company Accounting Oversight Board?

A: Public Company Accounting Oversight Board refers to the non-profit organization which regulates…

Q: What is the difference between accounting and business government

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: Explain the purpose of the Public Company Accounting Oversight Board.

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: Describe the organization of public accounting firms and the composition of the audit teams

A: Public accounting firms: Public accounting firms are service organizations providing specialized…

Q: What is the role of the Financial Accounting Standards Board (FASB)?

A: Financial Accounting Standards Board (FASB) is an organization responsible for establishing and…

Q: Explain why establishing accounting standards is characterized as a politicalprocess

A: The standard setting process is a political process that is affected by the impact of several…

Q: In what way is the Securities and Exchange Commission concerned about and supportive of accounting…

A: Securities and Exchange commission (SEC): It is a government body established to safeguard the…

Q: Explain the relationship between the SEC and the various private sector standard-setting bodies that…

A: SEC has the power to prescribe the accounting practices and principles to be employed by the…

Q: Why are vice presidents and other executive managers who are privy to financial performance data…

A: Securities and Exchange Commission (SEC) is the U.S.-based independent federal body that is…

Q: Discuss the methods by which the SEC can influence the development of generally accepted accounting…

A: Definition:   Securities Exchange Commission (SEC): This is the government agency that governs the…

Q: Who is responsible for establishing auditing standards foraudits of U.S. public companies? Who is…

A: Public Company Accounting Oversight Board (PCAOB) which oversees the audit of public companies is…

Q: Describe the SEC’s role in establishing generally accepted accounting principles (GAAP).

A: The Generally Accepted Accounting Principles (GAAP) are the accounting principles issued by the…

Q: How does the SEC affect the development of generally accepted accounting principles in the United…

A: SEC affects development of generally accepted accounting principles in the United States by…

Q: What factors create a need for assurance services? Explain how these factors are important to the…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Which of the following organizations is responsible for the creation and governance of accounting…

A: The answer is option (b.) [i.e, Financial Accounting standards Board (FASB)] Refer Step 2 for…

Q: What is the impact of being registered with the Public Company Accounting Oversight Board?

A: The Public Company Accounting Oversight Board (PCAOB) refers to a non-profit organization that was…

Q: For what purposes did the AICPA create the Accounting Principles Board?

A: Accounting principles board: It is an authoritative body of American Institute of Public…

Q: Explain the roles of the SEC and the FASB in the setting of accounting standards.

A: Securities Exchange Commission (SEC): This is the government agency governs the working of financial…

Q: Which law or regulation requires that public companies must maintain strong internal control…

A: Under Section 404 of the Sarbanes-Oxley Act, all public companies would be required to establish…

Q: Explain the impact of accounting standards suchas GAAP and the Sarbanes-Oxley Act on…

A: After a prolonged period of corporate scandals (e.g., Enron and Worldcom) in the United States from…

Q: Please answer the following question and read the discussion question rubric: What is the primary…

A: The primary objective of financial accounting: Financial accounting's primary goal is to accurately…